Kodak To Stop Producing Cameras

Kodak, the company that invented the first digital camera back in 1975, has just announced on Thursday that it will stop producing cameras to cut costs, Reuters reported.

Kodak will also be putting an end to its pocket video cameras and digital picture frames, marking its exit out of the camera business.

This comes after the company filed for bankruptcy protection last month followed by its decision to remove its name from Hollywood’s Kodak Theatre. (The court ruled however that it was too late for Kodak to get out of the Feb 26 Oscars ceremony.)

Instead, the company will be focusing on inkjet photo printing and licensing out its patents and brand name.

Up until 2006, Kodak was one of the top three digital camera makers in the world.

In a statement, Kodak says that the move out of cameras was the "logical extension" of its recent plan to improve margins in the camera business by narrowing its product portfolio, geographies and retail outlets.